2026年房地产市场走向备受关注。 其中"制定实施城乡居民增收计划""扩大优质商品和服务供给""清理消费领域不合理限制措施""推动投资止跌回稳""优化地方政府专项债券用途管理""高质 量推进城市更新"等，将从不同维度积极影响房地产市场的发展。 出处：央视新闻 特别是城市更新领域，对比2024年和2025年的工作任务可见，城市更新工作从"大力实施"升维至"高质量推进"。 上海易居房地产研究院（下称易居研究院）认为，此次会议明确高质量推进城市更新，一方面，城市作为经济活动的重要载体和枢纽，其功能完善对促进 生产、分配、流通、消费各环节畅通循环意义重大，能为内需主导的发展格局提供有力支撑；另一方面，基于城市发展的新阶段，要把城市更新作为城市 高质量发展的重要抓手，并将其和社会经济发展、稳楼市等工作进行有力结合。 12月10日至11日在北京举行的中央经济工作会议对明年的房地产工作作出明确部署，要求"着力稳定房地产市场"。 2026年房地产工作怎么做？会议提出提振消费、城乡居民增收、高质量推进城市更新、积极稳妥化解风险、深化住房公积金制度改革、构建房地产发展新 模式等重要工作任务，从不同维度为房地产市场健康发展保驾护航 ...

Investment Rating - The report rates the real estate sector as "Outperform the Market" [7] Core Views - The current real estate market remains sluggish, with ongoing declines in housing prices and increasing market concerns. However, there is optimism for policy optimization in the future, potentially marking the beginning of a new real estate cycle in 2026 [8] - The report suggests focusing on three main investment lines: 1. Companies with stable fundamentals and high market share in core cities, such as Binjiang Group and China Merchants Shekou [8] 2. Smaller companies that have made significant breakthroughs in sales and land acquisition since 2024, like Poly Real Estate Group [8] 3. Commercial real estate companies exploring new consumption scenarios and operational models, such as China Resources and Swire Properties [8] Summary by Sections 1. New and Second-hand Housing Market Tracking - New housing transaction area decreased by 11.4% month-on-month and 45.7% year-on-year, with a total of 208.9 million square meters sold in 40 cities [7][19] - Second-hand housing transaction area also saw a decline of 5.1% month-on-month and 45.9% year-on-year, totaling 157.5 million square meters in 18 cities [7][50] - New housing inventory area decreased by 0.1% month-on-month and 10.3% year-on-year, with a total inventory of 11,369 million square meters [7][43] 2. Land Market Tracking - Total land transaction area across 100 cities was 2,377.1 million square meters, up 14.8% month-on-month but down 26.7% year-on-year, with a total transaction value of 865.7 billion yuan [7][64] - The average land price was 3,641.9 yuan per square meter, reflecting a month-on-month increase of 58.6% but a year-on-year decrease of 2.8% [7][64] - The land premium rate was 3.8%, up 2.5 percentage points month-on-month but down 0.9 percentage points year-on-year [7][64] 3. Policy Overview - Recent government policies emphasize stabilizing the real estate market, with various local governments introducing housing purchase subsidy policies to support homebuyers [3] - Notable policies include subsidies for newlywed families and families with multiple children in cities like Nanning and Changzhou [3] 4. Company Performance and Bond Issuance - The total bond issuance in the real estate sector was 142.4 billion yuan, down 26.9% month-on-month and 31.0% year-on-year [7][54] - The total repayment amount was 105.2 billion yuan, reflecting a significant increase of 55.7% month-on-month and 77.5% year-on-year [7][54]

Core Viewpoint - The recent Central Economic Work Conference has outlined specific requirements for the real estate sector in the upcoming year, emphasizing the need to stabilize the market while addressing risks in key areas [1][2]. Policy Objectives - The policy goal has shifted from "continuously promoting the stabilization of the real estate market" to "focusing on stabilizing the real estate market," indicating a core focus on maintaining stability [1]. - In the first eleven months, while development investment has declined, the housing market has entered a phase of stock management, with second-hand housing transactions accounting for 45% of total transaction volume, and the decline in housing prices is continuing to narrow [1]. Policy Directions - The previous emphasis on "reasonably controlling new land use" and "promoting the disposal of existing housing stock" has evolved to include "controlling quantity, reducing inventory, and optimizing supply" as core directions, with "optimizing supply" being a new term introduced [2]. - The new policy will be a coordinated "combination punch," requiring local governments to consider inventory issues before land supply, while also addressing "people's livelihood guarantees" and optimizing the structure of land supply [2]. Policy Tools - The reform of housing provident funds and the construction of "good houses" have been identified as new policy focuses for the coming year, with plans to expand the coverage of flexible employment personnel for housing provident fund contributions [2]. - This will allow individuals to withdraw funds for rental purposes even if they do not purchase a home, and increased loan limits will help alleviate payment pressures for first-time buyers and those seeking improvements [2]. Urban Renewal - The term "urban renewal" has been elevated in importance, moving from a secondary position to a primary focus in the agenda, indicating an increased emphasis and effort in promoting urban renewal initiatives [2].

——中央经济工作会议点评 周期/房地产 本次中央经济工作会议对房地产市场的定调从过去的"更大力度推动房地产市 场止跌回稳"变为"着力稳定房地产市场"。"高质量推进城市更新"、"深化 住房公积金制度改革"、"有序推动'好房子'建设"等表述值得关注，后续或 可关注专项债和专项借款等金融工具进一步支持城市更新，以及住房公积金贷 款利率进一步调降、额度进一步提高和住房公积金用途拓宽等可能性。 住房公积金贷款利率方面，今年 5 月 7 日，《中国人民银行关于下调个人 住房公积金贷款利率的通知》发布。根据《通知》，自 2025 年 5 月 8 日 起，下调个人住房公积金贷款利率 0.25 个百分点，5 年以下（含 5 年）和 证券研究报告 | 行业点评报告 2025 年 12 月 12 日 li 推荐（维持） 关注城市更新和住房公积金制度改革等的进一步变化 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 257 | 5.0 | | 总市值（十亿元） | 2943.0 | 2.8 | | 流通市值（十亿元） | 2800.2 | 2.9 | 行业指数 % 1m 6m 12m ...

Policy Objectives - The policy objective has shifted from "continuously promoting the stabilization of the real estate market" to "focusing on stabilizing the real estate market," indicating a stronger commitment to maintaining stability [1] - In the first eleven months, although development investment has declined, the housing market has entered a phase of stock, with second-hand housing transactions accounting for 45% of total transactions, and the decline in housing prices is narrowing [1] Policy Direction - The new policy emphasizes "controlling increment, reducing inventory, and optimizing supply" as core directions, with "optimizing supply" being a new term introduced, indicating a coordinated approach to address inventory issues while considering public welfare [2] Policy Tools - The reform of housing provident funds and the construction of "good houses" have been identified as new policy focuses, with plans to expand coverage for flexible employment individuals and increase loan limits to alleviate payment pressure for first-time buyers and those seeking improvements [3] - The orderly promotion of "good house" construction signifies a shift from quantity-driven housing products to quality-driven ones [3] Urban Renewal - The term "urban renewal" has been elevated in importance, moving from a secondary position to a primary focus in the context of domestic demand, indicating an increased emphasis and effort in urban renewal initiatives for the coming year [4]

胡同不老，古都新生。历史文脉融入现代生活，老城改造提升居民品质。这既是北京的城市更新实践， 更是"以人民为中心"发展思想的生动诠释。 中共北京市委网信办、中央广播电视总台央广网推出"大国小巷·首善之治"时政微视频，以京华巷陌之 变，回答"怎样推进基层治理现代化"的时代命题。 [ 责编：李卓凝 ] ...

Core Viewpoint - The article highlights the development of the Luku Island as a model for urban renewal and ecological governance in Wuhan, integrating ecological living, cultural arts, and commercial leisure into a park city demonstration area [1][5]. Group 1: Urban Renewal and Ecological Governance - The "Five Reforms and Four Goods" urban renewal concept is being implemented in Wuhan, focusing on ecological governance and landscape reconstruction of water systems like Zhujiayuan and Fuchuan River [1]. - Luku Island's first phase has been in trial operation since August, attracting over 200,000 visitors [1]. - The Wuhan Luzhou Art Exhibition Center has partially opened during the National Day holiday, marking a significant step in the integration of ecology, culture, and livability [1]. Group 2: Cultural and Recreational Facilities - The Art Exhibition Center features an open exhibition space and a multifunctional hall for various events, with a rooftop observation deck overlooking Zhujiayuan and Luku Island [1]. - The "Forest Theater" covers 2,000 square meters and is designed for music festivals and markets, while the "Sky Ladder Lawn" serves as a natural outdoor audience area [2]. Group 3: Future Developments and Management - The Art Exhibition Center is set to continue introducing art exhibitions and cultural activities, with the first Huazhong location of the Black Pearl restaurant "Chunlu" expected to open by the end of the year [5]. - The island employs a "free reservation + limited flow" management strategy, allowing citizens to book visits through the official mini-program [5]. - The Luku Eco-City represents a transformation of urban space, creating a walkable and immersive daily landscape that enhances Wuhan's riverside environment [5].

城市更新，更新的不只是砖瓦，更是文化。在南京鼓楼区颐和路街区，黄墙灰瓦，梧桐林立。走进其 中，如同赴一场穿越古今的文化之旅。作为全国首批历史文化街区之一，颐和路街区集中了285处历史 院落，百年建筑、名人旧居与南京独特的城市风貌交相辉映。 南京市是全国首批城市更新试点城市，近年来坚持以存量空间优化改造为核心，以分圈层式更新为切入 口，通过功能提升、生态修复、文化传承和多元共治，推动人居环境改善、产业升级和消费扩容协同发 展。 走进浦口区江浦街道钱塘望景小区，平整宽阔的沥青道路延伸向前，新划设的停车位规范整齐，路旁绿 植郁郁葱葱，小区内散步的居民脸上满是笑意。而在半年前，小区还是另一番景象——路面破损、停车 困难、设施陈旧，居民生活需求难以满足。 面对群众的急难愁盼，江浦街道从实际问题出发，以"留、改、拆"的有机更新方式开展针对性改造。街 道通过优化空间布局，新增机动车位83个、非机动车停放点10处，修复铺设路面约5500平方米……历经 半年改造，小区功能与面貌同步焕新。"现在环境舒适多了，停车也方便。"小区居民章女士说。服务百 姓生活，回应人民关切，城市更新的意义正在于此。 在浦口区45个老旧及零散片区，更新 ...

Core Insights - The article emphasizes the importance of leveraging existing assets to drive economic growth and improve development quality during the "14th Five-Year Plan" period [2][4][11] Group 1: Economic Development Strategies - Tianjin Bohai Light Industry Investment Group (Bohai Light Group) focuses on "three new" and "three quality" strategies to promote high-quality development, integrating into the city's overall framework [2] - The group achieved a leasing income of 585 million yuan during the "14th Five-Year Plan," supporting its reform and development initiatives [2] - Bohai Light Group has successfully revitalized old factories by introducing high-quality industries and advanced business models, such as a fully automated wear-resistant steel ball production line with an annual output value of 350 million yuan [4] Group 2: Community and Cultural Services - The group has transformed old industrial sites into community service hubs, such as the "Golden Rooster Ming Garden" project, which serves around 50,000 residents [5] - Collaborations with local enterprises have led to the establishment of a one-stop service platform for ride-hailing operators and a medical health industry park [4][5] - Bohai Light Group is committed to preserving historical and cultural assets, exemplified by the renovation of the Tianjin Dagong Newspaper site into a cultural experience space [7] Group 3: Urban Renewal Initiatives - The group actively participates in urban renewal projects, with successful integration of old industrial areas into city improvement plans, enhancing urban functionality and quality [11] - The group has facilitated the establishment of a health and elderly care service system, supporting the national strategy to address population aging [11] - Looking ahead to the "15th Five-Year Plan," Bohai Light Group aims to shift from property-focused to industry-focused operations, promoting diverse business models and creating "small but beautiful" projects [11]

Group 1 - The core viewpoint of the articles emphasizes the importance of investment in expanding domestic demand and the need to stabilize and invigorate private investment in the face of a challenging external environment and declining investment returns [1][2] - The Central Economic Work Conference highlighted the goal of maintaining a strong domestic market and proposed measures to increase central budget investment, optimize project implementation, and enhance the role of new policy financial tools [1] - Fixed asset investment in China decreased by 1.7% year-on-year in the first ten months of the year, but there has been a rapid growth in investment in high-tech industries [1] Group 2 - The conference also stressed the importance of high-quality urban renewal as a means to drive investment, expand domestic demand, and stabilize growth, particularly in the context of structural adjustments and insufficient internal demand [2] - There is significant investment potential in new industrialization, urbanization, energy-saving, and carbon reduction projects, as well as in basic public services, which are crucial for supporting China's economic development [2]